Valuation
Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|---|
Capitalization 1 | 22,264 | 23,436 | 14,843 | 17,947 | 13,630 | 13,235 |
Enterprise Value (EV) 1 | 196,925 | 203,754 | 185,562 | 202,556 | 208,172 | 201,460 |
P/E ratio | 9.77 x | 12.7 x | -1.92 x | -14.6 x | -6.87 x | 10.3 x |
Yield | - | - | - | - | - | - |
Capitalization / Revenue | 0.54 x | 0.6 x | 0.54 x | 0.67 x | 0.43 x | 0.39 x |
EV / Revenue | 4.77 x | 5.25 x | 6.77 x | 7.56 x | 6.52 x | 5.98 x |
EV / EBITDA | 9.61 x | 9.43 x | 10.8 x | 11.3 x | 10.5 x | 8.88 x |
EV / FCF | -32.2 x | 139 x | -45.1 x | -13.6 x | -91.1 x | -31.6 x |
FCF Yield | -3.11% | 0.72% | -2.22% | -7.35% | -1.1% | -3.16% |
Price to Book | 0.62 x | 0.62 x | 0.54 x | 0.7 x | 0.49 x | 0.45 x |
Nbr of stocks (in thousands) | 6,184,521 | 6,167,355 | 6,184,521 | 6,167,355 | 6,167,355 | 6,184,521 |
Reference price 2 | 3.600 | 3.800 | 2.400 | 2.910 | 2.210 | 2.140 |
Announcement Date | 4/22/19 | 4/29/20 | 4/29/21 | 4/29/22 | 4/28/23 | 4/1/24 |
Income Statement Evolution (Annual data)
Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|---|
Net sales 1 | 41,291 | 38,803 | 27,418 | 26,791 | 31,922 | 33,675 |
EBITDA 1 | 20,485 | 21,609 | 17,108 | 17,939 | 19,776 | 22,680 |
EBIT 1 | 11,583 | 12,166 | 6,250 | 8,453 | 10,226 | 12,702 |
Operating Margin | 28.05% | 31.35% | 22.79% | 31.55% | 32.03% | 37.72% |
Earnings before Tax (EBT) 1 | 2,701 | 3,763 | -9,840 | -1,547 | -2,065 | 2,719 |
Net income 1 | 2,279 | 1,848 | -7,704 | -1,232 | -1,986 | 1,281 |
Net margin | 5.52% | 4.76% | -28.1% | -4.6% | -6.22% | 3.8% |
EPS 2 | 0.3686 | 0.2992 | -1.249 | -0.1998 | -0.3219 | 0.2072 |
Free Cash Flow 1 | -6,119 | 1,470 | -4,116 | -14,898 | -2,284 | -6,372 |
FCF margin | -14.82% | 3.79% | -15.01% | -55.61% | -7.16% | -18.92% |
FCF Conversion (EBITDA) | - | 6.8% | - | - | - | - |
FCF Conversion (Net income) | - | 79.53% | - | - | - | - |
Dividend per Share | - | - | - | - | - | - |
Announcement Date | 4/22/19 | 4/29/20 | 4/29/21 | 4/29/22 | 4/28/23 | 4/1/24 |
Balance Sheet Analysis
Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|---|
Net Debt 1 | 174,660 | 180,318 | 170,719 | 184,609 | 194,542 | 188,225 |
Net Cash position 1 | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | 8.526 x | 8.345 x | 9.979 x | 10.29 x | 9.837 x | 8.299 x |
Free Cash Flow 1 | -6,119 | 1,470 | -4,116 | -14,898 | -2,284 | -6,372 |
ROE (net income / shareholders' equity) | 5.89% | 6.06% | -17.9% | -2.77% | -5.7% | 4.09% |
ROA (Net income/ Total Assets) | 2.47% | 2.76% | 1.51% | 2.12% | 2.5% | 3.02% |
Assets 1 | 92,284 | 67,017 | -508,638 | -58,122 | -79,552 | 42,382 |
Book Value Per Share 2 | 5.780 | 6.120 | 4.410 | 4.150 | 4.480 | 4.790 |
Cash Flow per Share 2 | 1.820 | 1.320 | 2.930 | 1.190 | 1.140 | 1.190 |
Capex 1 | 18,018 | 21,271 | 15,227 | 24,613 | 15,431 | 16,660 |
Capex / Sales | 43.64% | 54.82% | 55.54% | 91.87% | 48.34% | 49.47% |
Announcement Date | 4/22/19 | 4/29/20 | 4/29/21 | 4/29/22 | 4/28/23 | 4/1/24 |
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
1st Jan change | Capi. | |
---|---|---|
+21.50% | 2.23B | |
+21.75% | 46.49B | |
+8.50% | 32.36B | |
+22.67% | 17.67B | |
-9.28% | 7.68B | |
+17.07% | 5.47B | |
+5.10% | 4.44B | |
-1.93% | 3.73B | |
-8.33% | 2.69B | |
-4.85% | 1.8B |